Budget Battles
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House Heads Out for 6-Week Break, Setting Up Another Shutdown Showdown
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Harris and Trump Trade Attacks as Campaign Heats Up
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Harris Blasts Trump at Her First Campaign Rally
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Harris Quickly Consolidates Support After Biden Exit
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Dems to Biden: ‘The Clock Has Run Out'
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Top Dems Turn the Screws on Biden
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Powerful Democrat Joins Push to Dump Biden
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7 Proposals to Rein In the Debt
By Michael RaineyAlthough it may be hard to imagine now, at some point in the not-too-distant future the 2024 election will be over and a new government will take over in Washington. No matter who is in power, the...
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Will Harris Differ From Biden on Taxes?
By Michael RaineyThe next president will face a massive challenge in the area of tax policy next year, as lawmakers battle over the expiration of some key elements of the 2017 Republican tax cuts, including tax...
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Meet the New Trump, Same as the Old Trump
Football fans likely remember an angry postgame press conference rant by Arizona Cardinals Head Coach Dennis Green in 2006. His team had just blown a 20-point halftime lead to the Chicago Bears,...
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Influential Dem Calls for Biden to Drop Out
By Michael RaineyRep. Adam Schiff of California, the influential lawmaker known for leading a successful 2019 effort in the House to impeach former President Donald Trump for abuse of power and obstruction of...
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Trump's Choice of Vance for VP Is Alarming Republican Elites
Donald Trump’s choice of Sen. JD Vance as his running mate is being interpreted as cementing a MAGA shift in Republican policy preferences — one that is rattling the GOP’s economic old guard. Vance...
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IRS Crackdown on Wealthy Taxpayers Yields $1 Billion So Far
By Michael RaineyIn its effort to collect unpaid taxes from what it calls high-income, high-wealth individuals, the IRS has now recovered more than $1 billion, the Treasury Department announced Thursday. The IRS has...
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SCOTUS Chevron Decision Could Make the IRS’s Job Much Harder
By Michael RaineyThe Supreme Court’s decision last week to overturn the so-called Chevron rule is expected to affect virtually all federal agencies, including the IRS. Howard Gleckman of the Urban-Brookings Tax...
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Trump Added About Twice as Much to National Debt as Biden: Report
Whether Joe Biden or Donald Trump wins the White House in November, the next presidential term is likely to see the national debt reach a record size relative to the U.S. economy. A new analysis by...
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Ted Cruz Offers Bill That Would Exempt Tips From Taxes
By Michael RaineySome fiscal experts are still scratching their heads over a proposal floated by presumptive Republican presidential nominee Donald Trump to eliminate taxes on workers’ tips. The idea seemingly...
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The Supreme Court Rejects a Business-Backed Challenge to 2017 Tax Law
The Supreme Court on Thursday upheld an obscure tax on foreign income imposed under the 2017 tax law, rejecting a challenge by business interests that legal observers warned would have had massive...
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CBO Raises Its 2024 Deficit Forecast 27% to Nearly $2 Trillion
By Michael RaineyThe federal budget deficit will reach an estimated $1.9 trillion in fiscal year 2024, according to an updated outlook released by the Congressional Budget Office Tuesday. The new projection...
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Trump’s Tariffs Would Cost Typical Family $2,500 a Year: Analysis
Former President Donald Trump’s twin proposals to impose a 10% tariff on all imports and a 60% levy on imports from China would raise costs for a typical middle-income American household by $2,500 a...
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Trump’s Proposal to End Taxes on Tips Could Cost $250 Billion: CRFB
Donald Trump’s proposal to exempt tips from being taxed as income would cost the federal government $150 billion to $250 billion over 10 years, according to an analysis released Sunday by the...
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IRS Takes Aim at a $50 Billion Loophole for Wealthy Taxpayers
By Michael RaineyThe IRS announced Monday that it plans to eliminate a loophole used by large, complex partnerships to avoid taxes – a move that could raise more than $50 billion over the next decade. The tax agency...
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Trump Tax Policies Would Produce ‘Mother of All Stagflations’: Larry Summers
By Michael RaineySpeaking on Bloomberg TV Friday, former Treasury Secretary and noted inflation hawk Larry Summers blasted the tax proposals being discussed by former President Donald Trump, which include more tax...